Negative
for the long put over time. Decays the value of the short put faster, according
to how in-the-money it is.

Alternatives
Before Expiration

If
the stock trades outside the higher or lower stop loss zones, you can reverse
your position.

If
the stock goes higher than the higher strike yet is under your higher stop
loss, then your short put expires without value. You can then write another put
for the next month. In the meantime, the long put has reduced in value.

Close
out position if it drops to 60% of purchase price.

Alternatives
After Expiration

If
the stock is between both strike prices, you will be exercised. Sell the long
put and by the stock at the higher strike price, then sell it at market price.

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